Vietnam: Molluscs Market 2024

Molluscs Market Size in Vietnam

After three years of growth, the Vietnamese molluscs market decreased by -12.4% to $X in 2021. Over the period under review, consumption, however, continues to indicate a buoyant expansion. Molluscs consumption peaked at $X in 2020, and then dropped in the following year.

Molluscs Production in Vietnam

In value terms, molluscs production dropped modestly to $X in 2021 estimated in export price. In general, production, however, showed a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 668%. Over the period under review, production reached the maximum level at $X in 2020, and then dropped modestly in the following year.

Molluscs Exports

Exports from Vietnam

In 2021, exports of molluscs (scallops, mussels, cuttle fish, squid and octopus) from Vietnam reached X tons, picking up by 9.2% on 2020. In general, exports, however, saw a abrupt slump. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, molluscs exports reached $X in 2021. Overall, exports, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2018 with an increase of 9.6%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons), Japan (X tons) and Portugal (X tons) were the main destinations of molluscs exports from Vietnam, with a combined 58% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Portugal (with a CAGR of +6.3%), while shipments for the other leaders experienced a decline.

In value terms, South Korea ($X) remains the key foreign market for molluscs (scallops, mussels, cuttle fish, squid and octopus) exports from Vietnam, comprising 44% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports. It was followed by Italy, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-7.3% per year) and Italy (-11.6% per year).

Export Prices by Country

In 2021, the average molluscs export price amounted to $X per ton, falling by -1.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2018 an increase of 22%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Molluscs Imports

Imports into Vietnam

In 2021, the amount of molluscs (scallops, mussels, cuttle fish, squid and octopus) imported into Vietnam skyrocketed to X tons, growing by 26% against the previous year. Overall, imports, however, recorded a precipitous shrinkage. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, molluscs imports surged to $X in 2021. Over the period under review, imports, however, saw a abrupt downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of molluscs to Vietnam, with a 33% share of total imports. Moreover, molluscs imports from Indonesia exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia totaled -7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-27.8% per year) and the United Arab Emirates (-3.7% per year).

In value terms, Indonesia ($X) constituted the largest supplier of molluscs (scallops, mussels, cuttle fish, squid and octopus) to Vietnam, comprising 33% of total imports. The second position in the ranking was held by India ($X), with a 13% share of total imports. It was followed by China, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-18.2% per year) and China (-2.2% per year).

Import Prices by Country

The average molluscs import price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Overall, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, molluscs import price increased by +66.7% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 53%. The import price peaked in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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